Europe Life Insurance Market, 2020-2027
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Europe Life Insurance Market, 2016-2027 (US$M)
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Europe life insurance market highlights
- The Europe life insurance market generated a revenue of USD 226,098.6 million in 2020.
- The market is expected to grow at a CAGR of 3.3% from 2021 to 2027.
- In terms of segment, whole life insurance was the largest revenue generating product in 2020.
- Universal Life Insurance is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, Germany is expected to register the highest CAGR from 2021 to 2027.
Europe data book summary
| Market revenue in 2020 | USD 226,098.6 million |
| Market revenue in 2027 | USD 283,775.9 million |
| Growth rate | 3.3% (CAGR from 2020 to 2027) |
| Largest segment | Whole life insurance |
| Fastest growing segment | Universal Life Insurance |
| Historical data covered | 2016 - 2019 |
| Base year for estimation | 2020 |
| Forecast period covered | 2021 - 2027 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Whole Life Insurance, Term Life Insurance, Universal Life Insurance, Variable Universal Life Insurance |
| Key market players worldwide | MetLife Inc, Prudential Financial Inc, American International Group Inc, Lincoln National Corp, John Hancock Asset-Based Lending I, China Life Insurance Co Ltd Class H |
Other key industry trends
- In terms of revenue, Europe region accounted for 21.5% of the global life insurance market in 2020.
- Globally, North America is projected to lead the regional market in terms of revenue in 2027.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 257,885.7 million by 2027.
Across Europe, customer behaviors are changing and expectations are rising. Simultaneously, European governments are gradually withdrawing from providing health insurance, pensions, and other services. Hence, insurers in Europe are responding with a continued shift to unit-linked products.
Companies are expanding their offerings in sync with changing demographics & aging population (for instance, more products for private health insurance & long-term care). Many big European insurers largely conduct traditional operations and are just starting to move toward digitalization.
These companies are very keen to move legacy products & customer interactions to digital platforms & channels. This is responsible for the significant rise in Insur Tech investments. Artificial intelligence can play a key role in the way European insurers conduct their businesses.
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Life Insurance Market
Life Insurance Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| American International Group Inc | View profile | 25,200 | 1271 Avenue of the Americas, New York, NY, United States, 10020 | www.aig.com |
| MetLife Inc | View profile | 45,000 | 200 Park Avenue, New York, NY, United States, 10166-0188 | www.metlife.com |
| Prudential Financial Inc | View profile | 40,658 | 751 Broad Street, Newark, NJ, United States, 07102 | www.investor.prudential.com |
| Lincoln National Corp | View profile | 11,024 | 150 North Radnor-Chester Road, Suite A305, Radnor, PA, United States, 19087 | www.lincolnfinancial.com |
| John Hancock Asset-Based Lending I | View profile | - | - | - |
| China Life Insurance Co Ltd Class H | View profile | 100,000 | No. 16, Financial Street, Xicheng District, Beijing, China, People's Republic of, 100033 | www.e-chinalife.com |
Europe Life Insurance Market
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to Life Insurance Market will help companies and investors design strategic landscapes.
Whole Life Insurance was the largest segment with a revenue share of 34.09% in 2020.
Horizon Databook has segmented the Europe life insurance market based on whole life insurance, term life insurance, universal life insurance, variable universal life insurance covering the revenue growth of each sub-segment from 2016 to 2027.
Across Europe, customer behaviors are changing and expectations are rising. Simultaneously, European governments are gradually withdrawing from providing health insurance, pensions, and other services. Hence, insurers in Europe are responding with a continued shift to unit-linked products.
Companies are expanding their offerings in sync with changing demographics & aging population (for instance, more products for private health insurance & long-term care). Many big European insurers largely conduct traditional operations and are just starting to move toward digitalization.
These companies are very keen to move legacy products & customer interactions to digital platforms & channels. This is responsible for the significant rise in Insur Tech investments. Artificial intelligence can play a key role in the way European insurers conduct their businesses.
- Europe Life Insurance Market Product Outlook (Revenue, USD Million , 2016-2027)
- Whole Life Insurance
- Term Life Insurance
- Universal Life Insurance
- Variable Universal Life Insurance
- Europe Life Insurance Market Distribution Channel Outlook (Revenue, USD Million , 2016-2027)
- Agency
- Broker
- Bancassurance
- Digital & Direct Channels
- Europe Life Insurance Market Type Outlook (Revenue, USD Million , 2016-2027)
- Individuals
- Corporate houses/Business Units
- Others (Govt. agencies and NGOs
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Horizon Databook provides a detailed overview of continent-level data and insights on the Europe Life Insurance Market, including forecasts for subscribers. This continent databook contains high-level insights into Europe Life Insurance Market from 2016 to 2027, including revenue numbers, major trends, and company profiles.
Europe Life Insurance Market, 2016-2027 (US$M)
Europe life insurance market statistics, by product, 2016-2027 (US$M)
